ThinkEquity, which employed about 100 people, filed to
liquidate in bankruptcy last month, about three weeks after the
San Francisco-based investment bank closed its stock-trading
business. Janney said in July it hired Greg Roth from
ThinkEquity as a managing director for its technology and media
investment-banking group.

“While recognizing that our industry continues to operate
under challenging conditions, Janney is committed to
capitalizing on strategic opportunities for growth, and the
health-care sector is one where we believe we can compete and
win,” Jordie Maine, Janney’s head of capital markets, said in
the statement.

Small brokerages are finding it harder to earn commissions
as money managers trade fewer securities, execute more
transactions electronically and cut the amount of
recommendations they pay for. Avian Securities LLC, the equity
research firm that specializes in technology stocks, is closing
after 15 years in business, its founder said last week.

Nam and Molloy will be based in Boston, and Lee will work
from San Francisco, according to the statement.